Royal Dutch/Shell falls on note

JennySpitz

SAN FRANCISCO (CBS.MW) - European oil stocks were in focus during U.S. trading Tuesday after a broker told clients that it favors BP over Royal Dutch/Shell.

The Bank of New York European ADR Index fell 0.46 point to close at 110.45.

BP
BP, -0.55%
on Tuesday, said that its 2003 proven oil reserves were higher than it originally estimated. See full story. In response, Credit Suisse First Boston advised its clients to switch out of Royal Dutch/Shell in favor of BP.

"This confirms that Shell's reserve downgrade and weak reserve position are Shell specific and not generic," the brokerage said.

Banks were also lower after Washington Mutual's profit warning set off worries that more banks will lower their expectations. See full story. ABN
ABN, -2.56%
slipped 20 cents to $21.77, Credit Suisse
CSR, +2.50%
was off 40 cents at $35.89, HSBC
HBC, -0.40%
fell 40 cents to $35.89, and Lloyds
LYG, -1.75%
lost 26 cents to $31.80.

Elsewhere, Tobacco group Gallaher
GLH, -16.87%
tumbled $1.89, or 4 percent, to $49.35 after Irish cigarette volumes were hit 9.3 percent in the first five months of the year. Ireland recently enacted a smoking ban in the workplace. "It is too early to assess the extent to which this reduction is due to short-term changes in trade buying patterns or to longer-term changes in consumption," Gallaher said.

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